It may feel like 2018 began only a few months ago, but the year is indeed drawing to a close, and with it, the window to use any remaining money in your Flex Spending Accounts (FSAs) is getting smaller. So if you’ve still got money in that FSAt, here are a few reminders:
1. Most insurance companies require that you spend any money in the accounts by the end of the calendar year, although, some will give you a month or two into the new year to use remaining funds. Be sure to confirm the “use it or lose it” date for your particular company and/or plan.
2. While what you can use FSA funds toward varies from provider to provider, many allow this savings to be put towards contacts, glasses, exams, etc. Wanting a new pair of frames (or no frames whatsoever) before holiday pictures? Why not see if you have enough left over in your account to revamp your look? Sometimes a new pair of frames can completely upgrade your style.
3. If you need help navigating your FSA or determining what’s covered by these funds, our office staff can most likely help you or at least point you in the right direction. You can also contact your insurance company directly. Plus, many companies now have online portals and sites that will allow you to access your records and account information electronically.
Don’t let your hard-earned FSA dollars go to waste! Find out 1) when your spending deadline is, and 2) how you can spend the cash you’ve saved. Use it before you lose it!